Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $43,795,636 · related or exempt $43,795,636

• 2b · Program service revenue: FEE AND OTHER INCOME

  total $24,991,485 · related or exempt $24,991,485

• 2c · Program service revenue: NON-MEMBER ATM INCOME

  total $574,702 · unrelated business $574,702

• 2d · Program service revenue: NON-MEMBER INSURANCE INCOME

  total $14,073 · unrelated business $14,073

• 2e · Program service revenue: NON-MEMBER SHARED BRANCH INCOME

  total $6,950 · unrelated business $6,950

• 3 · Investment income

  total $1,050,118 · excluded $1,050,118

• 6a · Gross rents

  real property $446,438

• 6b · Less rental expenses

  real property $623,611

• 6c · Rental income or loss

  real property -$177,173

• 6d · Net rental income or loss

  total -$177,173 · related or exempt -$177,173

• 7a · Gross sales of assets other than inventory

  other assets $280,688

• 7b · Less cost or other basis and sales expenses

  other assets $174,209

• 7c · Gain or loss

  other assets $106,479

• 7d · Net gain or loss

  total $106,479 · excluded $106,479

• 11a · Other revenue: NON OPERATING GAIN/LOSS

  total $218,343 · excluded $218,343

• 11e · Other revenue, total

  $218,343

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $477,019

• 2 · Grants to domestic individuals

  total $34,488

• 5 · Compensation of officers, directors and key employees

  total $2,248,598

• 7 · Other salaries and wages

  total $22,397,610

• 8 · Pension plan contributions

  total $974,638

• 9 · Other employee benefits

  total $2,727,369

• 10 · Payroll taxes

  total $1,865,564

• 11b · Fees: legal

  total $129,930

• 11c · Fees: accounting

  total $176,295

• 12 · Advertising and promotion

  total $377,972

• 13 · Office expenses

  total $4,237,335

• 14 · Information technology

  total $930,919

• 16 · Occupancy

  total $1,891,598

• 17 · Travel

  total $274,958

• 19 · Conferences, conventions and meetings

  total $6,428

• 20 · Interest

  total $3,898,547

• 22 · Depreciation, depletion and amortization

  total $3,596,118

• 23 · Insurance

  total $285,870

• 24a · Other expenses: OTHER OPERATING EXPENSE

  total $3,183,855

• 24b · Other expenses: ATM EXPENSE

  total $1,766,492

• 24c · Other expenses: LOAN SERVICING

  total $1,566,581

• 24d · Other expenses: MORTGAGE EXPENSE

  total $943,469

• 24e · All other expenses

  total $2,929,967

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,060,242 · end of year $28,484,013

• 2 · Savings and temporary cash investments

  beginning of year $108,588,458 · end of year $87,991,196

• 4 · Accounts receivable

  beginning of year $5,981,476 · end of year $8,365,717

• 5 · Loans and receivables from officers and key people

  beginning of year $2,907,171 · end of year $2,907,171

• 7 · Other notes and loans receivable

  beginning of year $759,490,013 · end of year $928,734,028

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,949,108 · end of year $2,399,300

• 10a · Land, buildings and equipment: cost or other basis

  $84,971,692

• 10b · Land, buildings and equipment: accumulated depreciation

  $18,724,269

• 10c · Land, buildings and equipment, net

  beginning of year $62,578,464 · end of year $66,247,423

• 12 · Investments: other securities

  beginning of year $41,853,842 · end of year $3,073,088

• 13 · Investments: program-related

  beginning of year $23,903,891 · end of year $24,750,000

• 14 · Intangible assets

  beginning of year $5,124,779 · end of year $8,051,169

• 15 · Other assets

  beginning of year $47,899,726 · end of year $37,112,123

• 17 · Accounts payable and accrued expenses

  beginning of year $6,928,231 · end of year $8,587,949

• 21 · Escrow or custodial account liability

  beginning of year $3,411,916 · end of year $5,702,453

• 23 · Secured mortgages and notes payable

  beginning of year $5,632,306 · end of year $3,174,477

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $401,900

• 25 · Other liabilities

  beginning of year $953,958,037 · end of year $1,065,182,776

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $101,406,680 · end of year $115,065,673

The filer's explanations (Part III)

PART I, LINE 1A

CHARTER TRAVEL IS USED ONLY IF NECESSARY FOR BUSINESS. BOARD CONFERENCE TRAVEL WITH SPOUSE ALLOWED, NOT TAXABLE.

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO VICKIE SCHMITZER, CEO, THROUGH AN ARRANGEMENT REFERRED TO AS "COLLATERAL ASSIGNED SPLIT DOLLAR." THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICY WAS $2,768,000 AT DECEMBER 31, 2022. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MY MEMBER INSURANCE AGENCY

  INSURANCE SALES · MI · income -$1,643,797 · assets $5,874,563

  Directly controlled by FRANKENMUTH CREDIT UNION